REDC Awarded $650,000 from CDFI Program |
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The Regional Economic Development Center of Southern New Hampshire (REDC) is pleased to announce the U.S. Department of the Treasury's Community Development Financial Institutions Fund has issued a $650,000 award to REDC through the 2019 Community Development Financial Institutions FA Program (CDFI). The purpose of this award, which is part loan and part grant, is to ensure lending and investment activity in low-income and economically distressed communities. For the FY 2019 CDFI Program round, the CDFI Fund awarded $132,005,000 in Financial Assistance to 261 organizations in 45 states, including the District of Columbia and Puerto Rico. Financial Assistance awards can be used for lending capital, loan loss reserves, capital reserves, financial services, and development services to achieve at least one of the following objectives: increase volume of products or services, provide new products or services, expand operations into new geographic areas, or service new targeted populations. “Receiving this distinguished award of funds from the CDFI reinforces to us how vitally important supporting small businesses through funding and technical assistance really is. It impacts individuals, families, communities, and our economy. It’s an honor to receive these funds and we will continue to help small businesses start and grow in the Granite State,” stated REDC President Laurel Adams. REDC provides alternative financing and free technical assistance, strategic planning, and marketing and design assistance to the southern New Hampshire region. |
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REDC Supported by Merrimack County Savings Bank with Tax Credit Purchase |
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Left to Right: Laurel Adams, REDC President; Linda Lorden, Merrimack County Savings Bank President |
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Merrimack County Savings Bank recently purchased $25,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of the Regional Economic Development Center (REDC) of Southern NH. The Bank’s investment goes toward REDC’s NH New Americans Loan Fund. In partnership with stakeholders located statewide, REDC promotes business development and job creation for new Americans (first generation immigrants) located in New Hampshire through the NH New Americans Loan Fund. The organization works independently or in partnership with local lenders to help borrowers secure the micro-funding needed to start or grow their small businesses. Microloans range from $5,000 to $50,000, with funding generally used for working capital to increase the business or to purchase equipment and inventory. REDC also provides comprehensive free technical assistance to help clients achieve commercial success. “We’re incredibly grateful for this generous contribution from Merrimack County Savings Bank, who is a great lending partner,” said Laurel Adams, REDC President. “Their purchase will help us further our mission of increasing business development and job creation among local new Americans.” “On behalf of the Merrimack and our employees, we are thrilled to support REDC,” said Linda Lorden, President of Merrimack County Savings Bank. “REDC creates jobs, facilitates emerging entrepreneurship and encourages diversity. It’s very rewarding to be able to make contributions to outstanding organizations like this one, who positively impact the people and economy of our community.” CDFA tax credits allow businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments. The tax credits are administered by the New Hampshire Community Development Finance Authority (CDFA). Any business with operations in NH that contributes to a CDFA tax credit project receives a NH state tax credit worth 75% of their contribution. The credit can be used over a period of five years to reduce the business’ state tax liability (business profits, business enterprise or insurance premium taxes). The tax credit program allows NH businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. |
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REDC provided funding to New Hampshire Paper Tube, based in Raymond, NH, for working capital. Owner, President and CEO Matthew Soper began making paper tubes in the year 2000 after graduating from the University of New Hampshire. Working from the ground up, he began on the production line stacking tubes by hand, eventually working his way up to Vice President of a local paper tube manufacturing plant. Established in 2017, New Hampshire Paper Tube LLC. is the culmination of his hard work and vast experience in the world of paper tubes and cores. | | |
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| | Digital Milling received financing from REDC for working capital. Digital Milling is a resource and support center to dental laboratories for scanning, designing, milling, and post processing service needs. They utilize CAD/CAM systems, 3D printing technology, and mill with their CNC machines. Digital Milling is committed to building trusting and lasting relationships with all their customers. Digital Milling is located in Manchester, New Hampshire. Learn more here: | | |
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| | REDC recently provided funding to White Birch Armory, a Service Disabled Veteran Owned Small Business (SDVOSB) specializing in the distribution of firearms, ammunition, and shooting related products and accessories. Use of funds will be used to purchase land in Dover, NH and build a multi-function, state-of-the-art shooting range. White Birch Armory is based in Dover, New Hampshire. Learn more here: | | |
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Welcome REDC's newest member, Daisy! |
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